This article focuses on the Nasdaq 100 and USD/JPY from a technical standpoint, analyzing major price levels that could act as support or resistance in the coming trading sessions.
After struggling for direction for much of the trading session, the Nasdaq 100 finished the day slightly higher, but gains were contained by rising rates. Last week, Treasury yields fell after the Federal Reserve adopted a more cautious tone and macro data raised concerns about the state of the economy, but the move was overdone, prompting a large recovery today. The rally in yields boosted the broader U.S.
If you're looking for in-depth analysis of U.S. equity indices, our Q4 stock market trading forecast is packed with great fundamental and technical insights. Download it now! On the flip side, if the bullish camp starts liquidating positions to take profits on the recent rally and sellers return, initial support stretches from 15,075 to 15,040. Below this area, attention transitions to 14,865, followed by 14,600. The tech index may establish a foothold around the 14,600 area on a pullback, but in the event of a breakdown, the bears may set their sights on the October lows.
On the other hand, if sellers regain control of the market and spark a bearish reversal from current levels, technical support appears at the psychological 149.00 mark, near the 50-day simple moving average. Should this floor cave in, we could witness a pullback towards 147.25 and 146.00 thereafter. Below those levels, the next area of interest is situated around 144.50.
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